QUESTION
Am I the one who has to pay the balance or do the new homeowners have to pay it?
Asked on Feb 23rd, 2013 on Foreclosures - Arizona
More details to this question:
The home foreclosed in 2008. Home was sold without clear title and new homeowners lost the home to foreclosure in 2012. I got a 1099 for the balance owed on the house.
2 ANSWERS
If it was your primary residence, you might be exempt from taxes from the debt forgiveness. You need to talk to a good accountant, and I can give you some referrals.
Answered on Apr 01st, 2013 at 2:47 AM
Bankruptcy Attorney serving Phoenix, AZ
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Talk to a very good CPA who understands the law of the state where you live and forgiveness of debt.
Answered on Feb 26th, 2013 at 1:55 PM